Morning Grain Comments: Friday, September 7, 2012
CURRENT TREND: Mixed REASON: Beans taking profits in hopes of improved production numbers, trade awaits estimates
EXPORT SALES @ 7:30 AM, INFORMA CROP REPORTS @ 10:30 AM
MORNING TRIVIA: The Entertainment and Sports Programming Network (ESPN) launched on this day of what year?
- Quick Editorial: soybeans posted the most notable move of the overnight session,
bucking a neutral/mixed feed grain trend; the trade sees recent rains
maybe salvaging a few bushels, and also fears increases in upcoming Informa
and USDA production numbers following FCStone’s steadied soy estimate.
- South Korea yesterday bought 124k tonnes of Brazilian corn at about $326/
tonne C&F, a discount of $6/tonne to Indian feed wheat, and right around
$50/tonne below U.S. corn offers. The country’s feed millers bought another
three cargoes overnight from unknown origin, one at 65k tonnes at $327/
tonnes for Nov-Dec shipment, one at 55k tonnes at $333/tonne (early Nov
delivery) and one at 55k tonnes at $331/tonne C&F (Jan delivery).
- Rabobank estimated Australia’s 2012/13 wheat harvest at 22.8 million tonnes,
down 20% from last year’s 29.5 MMT record crop but in line with the 5YA.